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It would be great if the Bureau of Labor Statistics would do some analysis of which industries would be considered low margin and worker-wage dominated industri
by xt00 4y ago
It would be great if the Bureau of Labor Statistics would do some analysis of which industries would be considered low margin and worker-wage dominated industries that if the wages for the workers increased, would cause a knock-on effect into other industries (to serve as a counter example to companies just generally hoping that workers get paid less -- in some industries it should not matter much). Like if making steel or concrete were dominated by worker wages, then increases in worker wages would increase the cost of basic construction materials across the entire economy. While other industries that might have tons of workers, but the material costs, and profit margins are actually the dominant part of the final price -- then if the worker wage went up 5%, then the impact on the final consumer price should be small. Having that kind of information should help understand better where wage inflation comes from rather than just generically saying yea people need to get paid less...